Ithmaar Bank, a Bahrain-based Islamic retail bank, has reported a net profit of $11.96 million for the first half of 2016, an 8.3 per cent decrease compared to the $13.04 million net profit reported for the same period last year.

Net profit attributable to equity holders of the Bank for the first half of 2016 was $4.40 million, a 22.2 per cent decrease compared to the $5.66 million net profit reported for the same period last year.

Net profit for the three month period ended 30 June 2016 amounted to $7.14 million, a 31.7 per cent increase from the net profit of $5.42 million reported for the same period last year. Net profit attributable to equity holders of the bank for the three month period ended 30 June was $3.19 million, an increase of 5.7 per cent compared to the $3.02 million net profit reported for the same period last year.

Ithmaar Bank chairman HRH Prince Amr Al Faisal said: “The financial results of the first half of 2016 indicate that the Bank’s operating income remains stable, at $132.66 million, and that total expenses, at $95.99 million, remain unchanged despite continued expansion of the Bank’s retail network.”

Ithmaar Bank chief executive officer, Ahmed Abdul Rahim, said the Bank continues to work towards becoming one of the region’s premier Islamic retail banks, and remains focused on growing closer to its customers.

“I am pleased to report that the balance sheet continues to be stable, and that our core business as well as our customer accounts continue to grow,” said Abdul Rahim. “This is evident from the equity of unrestricted investment account holders growing to $2.36 billion as at 30 June 2016, an 8.2 per cent increase compared to $2.18 billion as at 30 June 2015, and a 7.2 per cent increase compared to $2.20 billion at 31 December 2015.”

“This increase, a testimony to continued customer confidence, is further evidence that the Bank’s efforts to grow continuously closer to its customers is paying off,” said Abdul Rahim. “Current accounts and due to investors, for example, grew to $3.58 billion as at 30 June 2016, a 1.8 per cent increase compared to $3.51 billion as at 30 June 2015, and a 5.6 per cent increase compared to $3.39 billion as at 31 December 2015. Liquid assets now represent 10.5 per cent of total assets compared to 10.6 per cent as at 31 December 2015,” he said. - TradeArabia News Service